Treasuries End Lower
Treasuries ended lower in price Friday. It was all downhill from the start as an "uneventful" July 4 holiday scared the flight bid out of the curve. Indeed, stocks rallied sharply and torpedoed the note and the rest of Treasuries as well. By the close the contract was staggering on its lows of the session.
In economic news, U.S. nonfarm payrolls rose 36,000 in June from a revised lower to 24,000 in May (+41,000 previously). April was also revised down to a decline of 21,000 jobs from a gain of 6,000. The manufacturing sector remained weak as jobs declined another 23,000.
The unemployment rate edged up to 5.9% from 5.8%. The workweek rose 0.1 hour to 34.3. Average hourly earnings rose a larger than expected 0.4% from a revised +0.1% (+0.2% previously). These data are not as robust as hoped, but didn't help bonds.